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To: Herschel Rubin who wrote (5259)	10/21/1999 3:44:00 PM
From: GS_Wall Street	Respond to of 10027

flight to small is positive for NITE. Large spreads and less competetion in the small caps. By my estimation the OTC/BB vol is slightly better than the month of Sept. If investor do start moving into small caps then I think that NITE will start to move up.

To: Herschel Rubin who wrote (5259)	10/21/1999 11:49:00 PM
From: Gary Korn	Respond to of 10027

Wow!!! NITE pulled in a 16.1% NASD/OTC market share today! That is 2 percentage points above yesterday's number. The next highest percentage MM was MASH (Schwab), with 8.9%. Perhaps you are correct, small caps certainly may have been back in play today. NITE also processed 178,536,000 shares today, well above its moving average for October. Month to date, NITE has processed 2,581,961,000 shares, which is 172,130,000/day, which translates to 3,614,745,000 for the month, which is more than was handled in September. In sum, today's activity was a significant pick-up in NITE's trade volumes, which must be small cap related. Gary Korn

To: Herschel Rubin who wrote (5259)	10/22/1999 12:20:00 AM
From: Gary Korn	Read Replies (1) \| Respond to of 10027

Even with today's higher market share (16.1%), NITE in fact traded in far fewer securities than has been the norm. Strange. Here are the comparisons: Date Percent Share Securities Traded 10/21 16.1 3,577 10/20 14.1 4,367 10/19 13.9 4,483 10/18 14.0 4,470 10/15 15.7 4,458 10/14 14.5 4,336 10/13 14.3 4,383 10/12 15.1 4,368 10/11 15.5 4,427 I'm just curious why we would see a market share spike while trading in about 20% fewer securites? Incidentally, the marked decline in number of issues in which trades were made occurred for all MMs. It makes me think there is some sort of error in the number. Gary Korn

To: Herschel Rubin who wrote (5259)	10/22/1999 11:42:00 PM
From: Gary Korn	Read Replies (2) \| Respond to of 10027

Correction to 10/21 AutEx data: I learned that one cannot pull the AutEx data until the next day. Otherwise, one gets incomplete data. The following are the corrected numbers: On 10/21, NITE pulled in a 15.8% NASD/OTC market share. The next highest MM was MASH (Schwab), with a 8.9% share. NITE also processed 213,002,000 shares on 10/21 (not the mere 178,536,000 shares as originally reported), well above its moving average for October. Month to date through 10/21, NITE has processed 2,604,304,000 shares, which is 173,620,000/day, which translates to 3,646,025,000 for the month, which is more than was handled in September. In sum, 10/21's activity was a significant pick-up in NITE's trade volumes. Gary Korn